Business
Year End Trading Update
Year End Trading Update.
About this update from Transense Technologies Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.\n \n \n11 July 2023\nTransense Technologies plc\n(\"Transense\" or the \"Company\")\n \nYear end trading update\n \nTransense Technologies plc, the provider of specialist sensor technology and measurement systems, is pleased to provide a trading update for the financial year ended 30 June 2023 based on unaudited management information.\n \nHighlights\n\n· Adjusted EBITDA* for the year expected to be around £1.4m, in line with market expectations (FY22: £0.6m)\n· Total revenue for the year increased by more than 35% to in excess of £3.5m, in line with market expectations (FY22: £2.6m)\no Revenues excluding iTrack royalty income ahead of management expectations, up by 41% to exceed £1.5m (FY22: £1.1m) \no SAWsense revenue ahead of management expectations, more than doubled to £0.5m (FY22: £0.2m)\no ITrack royalty up 30% to £2.0m (FY22: £1.6m), which was lower than management expectations, but exit annual run rate exceeds £2.3m (FY22: £1.9m)\n· Cash balance maintained at £1.0m, despite outgoings of £0.4m on share buyback programme and £0.2m of non-recurring reorganisation costs\no The post year end quarterly iTrack royalty receivable in July is around £0.6m\n \nRevenue, Adjusted EBITDA* & Cash\n \nTotal revenue for the year increased by more than 35% to over £3.5m, which is in line with market expectations (FY22: £2.6m). \n \nThe increase in the number of installed units generating royalty income was consistent with each of the two previous years, however, most of the growth in the current year arose in Q4 leaving the overall total iTrack royalty income for the year short of expectations. Significantly, far stronger than expected growth was generated from both SAWsense and Translogik which outweighed the royalty shortfall.\n \nAdjusted EBITDA* is expected to be around £1.4m, also in line with market expectations, and more than double the prior year level (F...